Should you’ve ever puzzled how your decisions examine to different Canadians, PolicyMe’s newly launched 2026 research, Canadian Time period Life Insurance coverage: A Market Snapshotsupplies some solutions. The research analyzed over 18,000 buyer interactions and highlighted protection preferences, beneficiary decisions, and generational well being habits.
$500,000 is the candy spot
Throughout age teams, $500,000 is essentially the most generally chosen time period life protection. Youthful Canadians (ages 18–44) additionally want longer phrases (typically 30 years), whereas older adults (45+) have a tendency to pick out smaller protection quantities and shorter phrases.
The sample is obvious: life insurance coverage wants mirror life phases. Younger adults with mortgages, automotive loans, or rising households lean towards bigger, longer insurance policies. As monetary obligations reduce with age, protection quantities and phrases lower. Respondents over age 60 primarily selected time period insurance policies of simply $100,000. It’s in all probability not shocking to see the time period lengths diminish, too. In any case, pensioners usually tend to be financially secure, and so they aren’t on the lookout for a long time of protection.
Ladies prioritize youngsters whereas males prioritize companions
Practically three-quarters of Canadians named a partner or associate as their beneficiary. However gender variations emerge: 83% of males named a associate, in comparison with 66% of ladies, who had been twice as more likely to embrace their youngsters as beneficiaries.
Finally, your beneficiaries are your alternative—however understanding these traits can assist you assume via what issues most for your loved ones.
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Medical situations are widespread amongst candidates
Greater than half of respondents reported having not less than one medical situation. Psychological well being points had been most typical amongst youthful adults: 37.1% of these aged 18–29 reported a psychological well being situation, in comparison with simply 3.8% of candidates over 60. Older respondents reported larger charges of diabetes and hypertension.
The information suggests youthful generations are extra clear about well being and psychological wellness, which can affect protection alternatives and insurance policies as generations age.
The 5 mostly reported medical situations included allergy and immune problems, diabetes, hypertension, respiratory or respiratory situations, and psychological well being situations.
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Consuming much less, smoking extra
Life-style habits additionally influence life insurance coverage charges. The PolicyMe research discovered that Gen Z drinks far lower than older Canadians, with simply 1% reporting each day alcohol use (in comparison with 4.4% of these 60+)—however they eat extra nicotine and hashish.
7.3% of youthful respondents reported utilizing nicotine merchandise prior to now 12 months, in contrast with 5.7% of these aged 30 and older. Hashish use was even larger: 13% of Gen Z reported consuming it over the previous 12 months vs. simply 4.8% of these over 60
Even vaping or occasional nicotine merchandise can influence premiums. Understanding how way of life decisions have an effect on protection prices can assist you make smarter choices when searching for a coverage.
Associated studying: Do I actually need life insurance coverage?
The underside line
Life insurance coverage isn’t one-size-fits-all. It’s clear that Canadians worth significant protection, however the best coverage is determined by private elements and your loved ones’s monetary wants. Being clear in your priorities can assist you select a coverage that gives you and your family members with peace of thoughts.
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